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US aerospace and defence group Raytheon Technologies received a third-quarter revenue boost from the recovering commercial air travel industry, but its missiles unit took a hit from continued supply chain constraints. Raytheon’s third-quarter revenue reached $17bn, up 5 per cent over the same period last year, slightly missing analyst estimates of $17.2bn. The top line

Rishi Sunak will become Britain’s youngest prime minister in modern times and the country’s first non-white leader after Conservative MPs overwhelmingly backed him to succeed Liz Truss. The former chancellor’s path to office was cleared on Sunday when ex-prime minister Boris Johnson abandoned his hopes of a comeback. Johnson had secured the public backing of

Boris Johnson was on Sunday desperately seeking more Conservative MPs to support his comeback bid, as he tried to secure the 100 nominations needed to enter the ballot to become Britain’s next prime minister. In a blow to Johnson, Suella Braverman, the Brexiter former home secretary, ruled herself out of running and gave her backing

Conservative MPs are declaring who they want to succeed Liz Truss as their party’s leader and UK prime minister. Under the leadership contest rules, an MP must receive 100 nominations from colleagues by Monday at 2pm to become a candidate. If there are three candidates who secure the minimum 100 backers, they will be whittled

Conservative MPs were on Friday deeply divided by the prospect of Boris Johnson returning as party leader and UK prime minister — just three months after he quit following a string of scandals. Contenders to replace Liz Truss, who dramatically resigned on Thursday after only six weeks in power, were racing to secure the required

Video: Liz Truss resigns as UK prime minister Liz Truss was on Thursday forced to quit as UK prime minister, drawing to a dramatic close 44 days in office in which she presided over financial turmoil and catastrophic damage to the ruling Conservative party. Truss was told to quit by senior party figures, leaving bitterly

Santa Claus may be lugging fewer gifts down the chimney this year, with inflation set to reshape US consumer spending this holiday season, according to Deloitte. The shift in spending habits is set against a backdrop of more challenging economic conditions, with more than one-third of American households responding that their financial situation is worse

Jeremy Hunt, the UK’s new chancellor, has called on his cabinet colleagues to cut spending across their departments as the government cast doubt on the future of the UK’s pensions “triple lock”. Hunt urged ministers to find savings at a cabinet meeting on Tuesday, as he grappled with a budget shortfall that remains approximately £40bn,

Jeremy Hunt, the new UK chancellor, on Monday scrapped the bulk of his predecessor Kwasi Kwarteng’s tax cuts in a desperate effort to calm markets, while slashing the government’s energy support package. In an emergency move to rebuild the government’s fiscal credibility, Hunt rewrote the government’s tax and spending plans, putting a wrecking ball through

The UK’s new chancellor, Jeremy Hunt, has insisted that Prime Minister Liz Truss is still running the government after reports suggested he was preparing to scrap further parts of her “mini” Budget. Following Truss’s decision to sack her chancellor Kwasi Kwarteng on Friday, senior Conservative MPs believe it is a matter of time before she

Jeremy Hunt, the new UK chancellor, admitted taxes would have to rise and spending would have to be cut after prime minister Liz Truss failed to reassure markets with a U-turn on cutting corporation tax. In his first interviews since replacing Kwasi Kwarteng, who was sacked by the prime minister on Friday, Hunt buried the

UK prime minister Liz Truss has sacked her chancellor Kwasi Kwarteng and shredded her economic strategy in a desperate bid to save her premiership and “reassure the markets of our fiscal discipline”. Truss, in a cursory Downing Street press conference of less than 10 minutes, announced that Jeremy Hunt, former foreign secretary, would become the

Liz Truss was on Thursday locked in discussions on a major U-turn on the government’s “mini” Budget, prompting a market rally amid expectations that a £43bn package of unfunded tax cuts is unravelling. Government insiders confirmed talks were taking place on whether to unwind parts of chancellor Kwasi Kwarteng’s fiscal statement, with speculation it could

A sell-off in UK government bonds accelerated on Wednesday, sending long-term borrowing costs higher after the Bank of England reiterated its plans to halt its emergency gilt-buying scheme as scheduled on Friday. The central bank said on Wednesday morning that it “has made clear from the outset, its temporary and targeted purchases of gilts will

High levels of inflation will persist longer in Britain than in almost all other advanced economies, the IMF warned as it took aim at Kwasi Kwarteng’s unfunded tax cuts. UK inflation will also be the highest in the G7 at the end of 2023, while in the 19-member eurozone, only Slovakia would have a higher

Chancellor Kwasi Kwarteng is to rush forward his new debt-cutting plan — and accompanying official forecasts — to October 31, as part of a broad effort to reassure markets the UK has a grip on public finances. The move comes as the Bank of England also seeks to steady UK financial markets, by unveiling measures

US Treasury secretary Janet Yellen said the move by Opec+ to cut oil production was “unhelpful and unwise” for the global economy, particularly emerging markets already struggling with high energy prices. The Biden administration has been loudly critical of the decision by the oil cartel backed by Saudi Arabia and Russia this week, which took

An explosion tore through Russia’s bridge across the Kerch Strait to Crimea early on Saturday, severely damaging it in a major blow to Vladimir Putin more than seven months into his invasion of Ukraine. Russia’s anti-terrorist committee said a truck exploded on the bridge’s roadside in the early hours of Saturday morning and caused seven

Monetary policymakers must “stay the course” with forceful action to lower inflation, however difficult the consequences may be for the UK economy, a Bank of England deputy governor has warned. Dave Ramsden voted last month for a more aggressive move than the 0.5 percentage point interest rate increase favoured by the majority of the BoE’s

The Bank of England has defended last week’s intervention in the UK government debt market, saying it stepped in to prevent a £50bn fire sale of gilts that would have taken Britain to the brink of a financial crisis. The central bank said on Thursday that had it not launched its emergency bond-buying scheme in